Abu Dhabi Sovereign Wealth Funds Hold Major Bitcoin Positions

Abu Dhabi's Mubadala Investment Company holds a 490 million USD stake in BlackRock's iShares Bitcoin Trust, marking it as the second-largest single holding in its 13F portfolio. Additionally, the Abu Dhabi Investment Council has a 273.6 million USD position in a Bitcoin exchange-traded fund, the largest in its portfolio. Both funds' Bitcoin positions remain unchanged since last quarter. Earlier this year, Arkham Intelligence linked approximately 6,782 Bitcoins, valued at around 453.6 million USD, to wallets associated with Bitcoin mining activities in the UAE's Royal Group. This contrasts with other countries, like the United States, which hold substantial Bitcoin reserves primarily from law enforcement seizures. The UAE's Bitcoin holdings are mainly derived from domestic mining. Following the SEC's approval of multiple Bitcoin funds in January 2024, major firms have gained exposure to Bitcoin through regulated ETFs. BlackRock's IBIT is the most successful crypto ETF, with 47.3 billion USD in assets under management, attracting investments from pension funds and U.S. states.

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